Representatives of Solutek, KOICA, and the Lao Youth Union together with competitors attend the IBS2 competition.

KOICA Laos IBS Startup competition bolsters youth business ideas

Solutek System Inc., in partnership with the Lao Youth Union and supported by the Korea International Cooperation Agency (KOICA), on Wednesday held the Inclusive Business Solution (IBS2) Startup Lao Entrepreneurship Competition 2024.
The event aimed to encourage young people to develop business concepts and ideas that can create a company through a startup process, and bolster the 2030 Youth Development Strategy, especially the areas of job creation and entrepreneurship.
The staff of Solutek said the Lao Youth IT Competency Reinforcement and Youth Startup Incubating Programme (LSIP-IBS2) takes place at a time when Laos is experiencing a rapid rise in the demand for digitalisation, unlocking new economic opportunities across various sectors.
However, the startup ecosystem in Laos faces significant challenges, such as underdeveloped support programmes, limited resources for small and medium-sized enterprises (SMEs), and a lack of entrepreneurial infrastructure.
To address these challenges, the Korea International Cooperation Agency, in partnership with Solutek System Inc. and the Korea Productivity Center (KPC) and Lao Youth Union, has launched the KOICA Lao IBS Programme.
This initiative, running from 2023 to 2025, focuses on IT-based Official Development Assistance in Laos. Solutek System Inc. specialises in implementing IT-driven projects, while KPC provides startup programme expertise and consultancy services.
The programme aims to foster an entrepreneurial ecosystem by establishing the Startup Incubation Center, offering IT education to underserved groups (Bottom of the Pyramid, or BOP), and providing startup incubation and consulting support.
Programme highlights in March 2023 saw KOICA establish the Startup Incubation Center at the Lao Youth Union Cabinet Office to provide a comprehensive incubation programme for aspiring entrepreneurs.
Over three years, the programme will run IDEAThon contests to select 18 startup teams for incubation. The initiative aims to empower Lao youth to launch businesses and secure employment through training, consulting, and mentorship.
The programme has also set up IT training rooms and capacity-building programmes for trainers, as well as IT job development training for young people in the provinces.
To date, provincial IT rooms have been successfully set up in Bokeo, Luang Namtha, Luang Prabang, Khammuan and Champassak provinces.
The Startup Incubation Center has selected young entrepreneurs to undergo a 6-month incubation programme to transform their business ideas into viable companies.
The programme supports international integration and aims to attract foreign investment. Each year, six startup teams are selected to participate in the incubation process.
To further boost innovation and entrepreneurship, the programme hosts an annual startup competition, providing a platform for young entrepreneurs to showcase their talents and startup achievements and compete for resources and recognition.
Contestants are given the opportunity to highlight business ideas with the potential to scale up and generate income, and are equipped with essential IT skills and entrepreneurial support.
The LSIP-IBS2 programme is helping to build a dynamic and inclusive startup ecosystem in Laos, creating a pipeline of innovative businesses and contributing to the country’s long-term economic development.
The KOICA Lao IBS Entrepreneurship Competition 2024 concluded with a total prize value of US$5,000 awarded to 10 startup teams. The competition highlighted innovative solutions and outstanding entrepreneurial ideas.
The winner of the competition was LaoEpic, with a platform connecting tourists with local communities to explore traditional crafts, experience deep cultural immersion, and design personalised travel itineraries. The team received US$2,000.
The first runner-up was Sensornode, who received US$1,500, for their real-time monitoring and actionable insights using sensors and data analysis to optimise energy efficiency in the commercial and industrial sectors.
The second runner-up was Go2Green, a mobile application for purchasing various types of recyclable waste. In its first two phases, the platform focuses on transforming plastic waste into plastic pellets. The team was awarded US$1,000.

By Times Reporters
 (Latest Update November 29, 2024)